Network Rail makes £1.2bln annual profit
Network Rail said on Friday that its pre-tax profit increased 20 per cent to £1.2 billion in the year ended March 2008. The rail operator added that all of its profits had been reinvested into the railway.
"Hit the rich" to cut council taxTurnover for the company was £5.96 billion, up £165 million from the previous year. Network Rail said its net debt had risen from £18.4 billion to £19.7 billion.
Network Rail is not owned by shareholders and said that the Office of Rail Regulation assessed the company's profits in order to determine any additional funding the company may need.
Ron Henderson, group finance director, said, "In financial terms, this year has seen stable profits, with consistent revenues, and costs continuing on a downward trend. Strong budgetary control, together with our improved understanding of the costs bases and drivers, put us in good shape for the challenges ahead in the next control period."
Network Rail said that punctuality of trains was at an all time high with 89.9 per cent of trains arriving on time in the 2007/08 financial year. The company said in the last year it had invested £4 billion in the rail network and had made savings worth £178 million.
In other news however the Office of Rail Regulation said in a report that disruptions to train services resulting from weekend engineering work could continue until at least 2014.
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